M-C-V: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
M-C-V
Largest movements
- Current investments -€111,996
down €111,996 (-32.0%), from €350,313 to €238,318
- Tangible fixed assets +€17,375
up €17,375 (+13.4%), from €130,062 to €147,436
of which Furniture and vehicles: +€14,027
- Receivables within one year +€6,740
up €6,740 (+43.9%), from €15,337 to €22,078
of which Trade receivables: +€7,690
- Other debts -€144,147
down €144,147 (-92.5%), from €155,776 to €11,629
- Reserves +€35,781
up €35,781 (+10.3%), from €347,638 to €383,420
of which Distributable reserves: +€35,781
- Tax, wage and social debts +€13,507
up €13,507 (+96.8%), from €13,961 to €27,467
- Trade debts +€7,299
up €7,299 (+230.8%), from €3,162 to €10,461
- Gross operating margin +€20,777
up €20,777 (+34.9%), from €59,513 to €80,290
- Financial income +€10,469
up €10,469 (+417.9%), from €2,505 to €12,975
- Taxes +€5,563
up €5,563 (+77.8%), from €7,149 to €12,712
- Depreciation -€3,011
down €3,011 (-7.3%), from €40,968 to €37,958
- Other operating charges +€1,065
up €1,065 (+28.7%), from €3,706 to €4,771
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €533,036 | €445,476 | -€87,560 | -16.4% |
| Fixed assets | 21/28 | €130,062 | €147,436 | +€17,375 | +13.4% |
| Tangible fixed assets | 22/27 | €130,062 | €147,436 | +€17,375 | +13.4% |
| Land and buildings | 22 | €115,816 | €119,164 | +€3,348 | +2.9% |
| Furniture and vehicles | 24 | €14,246 | €28,273 | +€14,027 | +98.5% |
| Current assets | 29/58 | €402,974 | €298,040 | -€104,934 | -26.0% |
| Amounts receivable within one year | 40/41 | €15,337 | €22,078 | +€6,740 | +43.9% |
| Trade receivables | 40 | €14,388 | €22,078 | +€7,690 | +53.4% |
| Other amounts receivable | 41 | €949 | €0 | -€949 | -100.0% |
| Current investments | 50/53 | €350,313 | €238,318 | -€111,996 | -32.0% |
| Cash at bank and in hand | 54/58 | €35,252 | €35,513 | +€261 | +0.7% |
| Deferred charges and accrued income | 490/1 | €2,072 | €2,131 | +€60 | +2.9% |
| Total equity and liabilities | 10/49 | €533,036 | €445,476 | -€87,560 | -16.4% |
| Equity | 10/15 | €360,138 | €395,920 | +€35,781 | +9.9% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €347,638 | €383,420 | +€35,781 | +10.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €345,778 | €381,560 | +€35,781 | +10.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €172,898 | €49,557 | -€123,341 | -71.3% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €172,898 | €49,557 | -€123,341 | -71.3% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €3,162 | €10,461 | +€7,299 | +230.8% |
| Suppliers | 440/4 | €3,162 | €10,461 | +€7,299 | +230.8% |
| Taxes, remuneration and social security | 45 | €13,961 | €27,467 | +€13,507 | +96.8% |
| Taxes | 450/3 | €13,961 | €27,467 | +€13,507 | +96.8% |
| Other amounts payable | 47/48 | €155,776 | €11,629 | -€144,147 | -92.5% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,968 | €37,958 | -€3,011 | -7.3% |
| Other operating charges | 640/8 | €3,706 | €4,771 | +€1,065 | +28.7% |
| Gross operating margin | 9900 | €59,513 | €80,290 | +€20,777 | +34.9% |
| Operating profit (loss) | 9901 | €14,839 | €37,561 | +€22,722 | +153.1% |
| Financial income | 75/76B | €2,505 | €12,975 | +€10,469 | +417.9% |
| Recurring financial income | 75 | €2,505 | €12,975 | +€10,469 | +417.9% |
| Financial charges | 65/66B | €2,274 | €2,042 | -€232 | -10.2% |
| Recurring financial charges | 65 | €2,274 | €2,042 | -€232 | -10.2% |
| Profit (loss) for the period before taxes | 9903 | €15,070 | €48,494 | +€33,424 | +221.8% |
| Income taxes | 67/77 | €7,149 | €12,712 | +€5,563 | +77.8% |
| Profit (loss) for the period | 9904 | €7,921 | €35,781 | +€27,861 | +351.7% |
| Profit (loss) for the period to be appropriated | 9905 | €7,921 | €35,781 | +€27,861 | +351.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.